Apple Inc. (NASDAQ:AAPL) stock slid about 2% Tuesday, underperforming the broader technology sector as investors weighed a new organizational overhaul under CEO John Ternus alongside a weaker overall market.
The Nasdaq was nearly flat, while the S&P 500 fell 0.37%. Technology gained 0.09%, leaving Apple behind the sector despite pockets of strength in mega-cap stocks.
Apple’s session volume approached 14 million shares, compared with its three-month average of about 51 million.
• Apple stock is trending lower. Why is AAPL stock trading lower?
Ternus Pushes Faster Product Development
Apple is moving to unlock more value by accelerating product launches, cutting organizational layers and seeking additional revenue from its existing products and services.
Ternus wants Apple to move beyond its traditional spring-and-fall launch schedule and introduce products more frequently throughout the year, Bloomberg reported Tuesday.
He is also reducing middle-management layers to bring engineers closer to senior leadership and make product development more responsive.
Apple is pursuing cost cuts and AI-driven productivity efforts as higher component costs and slower services growth pressure the business.
Ternus, Services Chief Eddy Cue and CFO Kevan Parekh are also exploring new services and ways to generate more revenue from Apple’s existing ecosystem.
Analysts Remain Positive
Apple carries a Buy consensus rating with an average price forecast of $335.57.
Bank of America Securities maintained a Buy rating and $370 forecast on Sept. 23. Evercore ISI Group maintained an Outperform rating while raising its forecast to $380 on Sept. 18.
ETFs Hold Significant Apple Exposure
The Schwab US Large-Cap Growth ETF (NYSE:SCHG) holds a 9.88% weighting in Apple, while the Direxion Daily Technology Bull 3X ETF (NYSE:TECL) holds 9.68%.
The Motley Fool 100 Index ETF (BATS:TMFC) carries a 9.86% weighting.
Significant inflows or outflows from these funds can translate into buying or selling of Apple shares.
AAPL Price Action
AAPL Stock Price Activity: Apple shares were down 2.17% at $331.04 at the time of publication on Tuesday, according to Benzinga Pro data.
Image Courtesy: Apple
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